Bitcoin Bull Tim Draper Mentions How People Would Be using Bitcoin at Starbucks by 2022


Recently, news emerged that several major retailers like Starbucks and Whole Foods were accepting crypto payments.

On the surface, the news seems to be pretty good. Back in March, Bitcoin bull Tim Draper mentioned how people would use Bitcoin at Starbucks by 2022, and that people would laugh if a customer tried to pay with fiat.

The latest payment acceptance is facilitated by the Spedn app, which creates a QR code for a user’s crypto assets that is able to be scanned at checkout. The equivalent dollar amount is instantly sent to the merchant. The application was launched by the Flexa payment network, who uses FlexaCoin as collateral in processing charges.

In a Medium blog post, Gemini said both companies have a goal of “working to build the future of money” and noted how Flexa does support the Gemini dollar.

However, news about the retailers accepting crypto has been dampened by criticism from a number of people.

Some are worried that acceptance as payment might violate some of the core cryptocurrency ethos. Spedn has attracted criticism from people who are worried that taking custody of funds leads to the collection of personal user data.

Flexa, which has bolstered Bitcoin acceptance at big retailers, and the entity behind Spedn, retains the right to ask for people’s phone numbers, addresses, and legal names.

The terms of use also contain clauses that reserve the right to monitor user accounts, and to even delay or return deposits. Some think these types of restrictions and oversights do not represent the payment freedom that people who would choose to use Bitcoin would be interested in.

Others are entirely skeptical about payment processors in light of the development of the Lightning Network.

Designed to be a faster and cheaper secondary Bitcoin layer, the Network is being built in order to preserve some of the core ideas behind permissionless money and to boost the efficiency of payments.

Some think the Network could be used to create a better Bitcoin user experience to where custodial solutions would not be needed.

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